GoldSpot Reports Three Months Ended March 31, 2020 Financial Results

Toronto, Ontario–(Newsfile Corp. – May 22, 2020) – GoldSpot Discoveries Corp.(TSXV: SPOT) (the “Company” or “GoldSpot“) is pleased to announce the unaudited financial results of the Company, as at and for the three months ended March 31, 2020 (the “Financial Results“).

Highlights for the three-month period ended March 31, 2020:

Increased consulting revenue by 82% to $938,620 from $514,800 for the three months ended March 31, 2019;

Net income of $59,437 as compared to a net loss of $2,709,445 for the three months ended March 31, 2019;

GoldSpot’s client, New Found Gold Corp (a private gold exploration company), benefiting from GoldSpot’s AI technology and exploration expertise, had reported a significant new high-grade gold discovery at its Linear (renamed “Queensway”) project located in Central Newfoundland, west of the Town of Gander;

GoldSpot’s collaboration with Australia-based RSC Mining and Mineral Exploration to bring Goldspot’s technologies to the Australian mining and resource exploration sector. Under this arrangement, RSC will make Goldspot’s machine-learning products accessible across the Australian mining value chain from regional greenfield exploration, through resource and reserve estimation, and into active mining.

The following are selected unaudited financial results as at and for the three months-ended March 31, 2020 with comparatives:

Three months ended March 31,

2020

2019

Consulting income

$

938,620

$

514,800

Net investments gains (losses)

368,763

(311,750)

Operating, general and administrative1

(1,250,799

)

(3,011,766)

Net income (loss) and comprehensive income (loss) for the period

59,437

(2,709,445)

Earnings (loss) per common share based on net loss for the period – basic and diluted

0.00

(0.05)

1The three months ended March 31, 2019 includes $1,931,983 in non-recurring listing fees.

Statement of financial position highlights

March 31, 2020

December 31, 2019

Cash and cash equivalents

$

4,246,644

$

4,762,213

Accounts receivable

185,345

128,350

Investments, at fair value

5,752,659

4,872,104

Total assets

10,546,196

10,262,392

Deferred revenue

2,347,343

2,229,903

Total liabilities

2,879,606

2,752,459

Equity

7,666,590

7,509,933

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) is a technology and investment company that leverages machine learning to reduce capital risk while working to increase efficiency and success rates in resource exploration and investment. GoldSpot Discoveries combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners, and in some cases, capital to kickstart exploration programs. GoldSpot’s solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential.

Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, uncertainty over the outcome of any litigious matters, the Company’s objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.